TURKEY: Foreign Flows Into TRY Bonds Could Be Supported Further (2/2)

BTP Block trades, suggest sellers:

• IKU5 ~1.72k at 121.23 and ~1.4k at 121.19.

• RES 4: 93.26 1.500 proj of the May 22 - 27 - 29 price swing
• RES 3: 93.05 1.382 proj of the May 22 - 27 - 29 price swing     
• RES 2: 93.00 Round number resistance
• RES 1: 92.87 Intraday high   
• PRICE: 92.83 @ Close Jun 10
• SUP 1: 92.33/91.56 Intraday low / Low Jun 9 
• SUP 2: 91.16/90.59 Low Jun 2 / Low May 29
• SUP 3: 90.11 Low May 22 and the bear trigger   
• SUP 4: 90.00 Round number support        

Gilt futures have resumed their short-term uptrend and this strengthens the current bullish theme, marking an extension of the breach of resistance at 91.87, the May 20 high. The climb signals scope for a continuation higher and sights are on the 93.00 handle next. Initial firm support to watch lies at 91.56, the Jun 9 low. A clear break of this level is required to signal a possible reversal.

• 1,700 0QM5/0QN5 96.75 call spds
• +2,500 SFRZ5 95.62/96.00 1.25 over 0QZ5 96.12/96.50 put spds
• Update, +18,000 0QV5 95.87/96.12/96.37 put trees, 4.25-4.5 ref 96.64 to -.62 (adds to appr +25k yesterday from 3.5-4.25)